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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100050
Experience:  Lawyer
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I had filed bankruptcy but not yet discharged. I

Customer Question

I had filed for personal bankruptcy but not yet discharged.
I then received an insurance settlement and wanted to cancel the bankruptcy.
Apparently, once filed it can't be cancelled? Is this true?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.
You have the right to change the bankruptcy to a consumer proposal. If the Trustee in Bankruptcy will not agree then you can retain another Trustee to do the consumer proposal. The consumer proposal is where you and the creditors come to an agreement about what you will pay them. They have so far expected that they will never get paid back so they are quite likely going to agree to the proposal. This converting to a consumer proposal is ideal and quite common where the person who has declared bankruptcy gets a higher paying job or gets a windfall such as an inheritance or insurance payout.
Customer: replied 1 year ago.
Thank you. Thats what I thought.
Expert:  Debra replied 1 year ago.
You are very welcome. As we are done please rate me before you leave the site. I cannot receive credit for my work until you do. I hope things work out.

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